Infineon increases its sales forecast for 2022 after beating expectations.

Infineon (IFXGn.DE), the world’s largest producer of automotive microchips, posted a 22% increase in second-quarter revenue and raised its full-year guidance on Monday, benefiting from a global semiconductor shortage.

The Munich-based firm boosted its sales forecast for 2022 for the second time, this time by 500 million euros ($525.20 million) to roughly 13.5 billion euros, with a margin of error of 500 million euros.

According to IBES statistics from Refinitiv, it also anticipated third-quarter sales of 3.4 billion euros, ahead of projections of 3.26 billion euros.

“Global uncertainties, in particular the war in Ukraine and the further course of the corona­virus pandemic, are placing stress on supply chains,” CEO Jochen Hanebeck said in a statement.

“Demand for our products and solutions continues to exceed supply significantly,” he said

Infineon’s second-quarter revenue increased to 3.30 billion euros, exceeding projections of 3.21 billion euros.